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Deloitte in Switzerland launches «Taxparency»
New solution aimed at facilitating compliance for global financial institutions
Zurich, 3 September 2015
Next to running the everyday business and operating in a profitable way, international financial services providers must also manage the plethora of existing regulatory obligations and new initiatives. Deloitte in Switzerland has launched a unique software-based solution that enables financial institutions to efficiently master their global compliance with the Foreign Account Tax Compliance Act (FATCA), Automatic Exchange of Information (AEoI) and Qualified Intermediary regulations.
Although regulations such as FATCA started as a single standard, the regulatory environment now is a universe of complex networks, involving numerous bilateral agreements with local interpretations – in FATCA’s case, currently more than 100. It is challenging for multinational financial institutions to have an overview of all relevant documents and to identify differences between jurisdictions.
At a client event tonight, Deloitte in Switzerland is officially launching its Taxparency suite aimed at helping manage such challenges. Taxparency is a software-based solution for financial institutions that helps responsible officers, project leads and topical experts to efficiently manage their global FATCA, AEoI and QI compliance. It is part of Deloitte’s innovative portfolio of managed solutions for the financial services industry.
Markus Weber, Partner and Head of the Financial Services Tax practice at Deloitte in Switzerland, stated: “Taxparency is a central knowledge management system for tax regulatory topics within an organisation. It integrates regulatory content with client content and also offers insights from the Deloitte tax experts in Switzerland and around the world. It’s a solution that the Swiss market hasn’t seen yet, and one that will immensely help financial services providers in Switzerland to more efficiently manage their compliance obligations.”
The software has already become an integral part of daily business at one of the major Swiss banks.
Brandi Caruso, Director and Business Architect for the Taxparency solution at Deloitte in Switzerland added: “Swiss financial institutions have come under tremendous pressure in recent years and significant regulatory change has become the ‘new normal’. Compliance with these new requirements is mandatory, but requires a step change in the approach to implementation in order to enable financial institutions to carry on with their profit-generating business. Taxparency has already changed the way we work.”
For more information about Deloitte’s Taxparency solution, please visit our website.
About Deloitte in Switzerland
Deloitte is a leading accounting and consulting company in Switzerland and provides industry-specific services in the areas of audit, tax, consulting and financial advisory. With more than 1,400 employees at six locations in Basel, Berne, Geneva, Lausanne, Lugano and Zurich (headquarters), Deloitte serves companies and institutions of all legal forms and sizes in all industry sectors. Deloitte AG is a subsidiary of Deloitte LLP, the UK member firm of Deloitte Touche Tohmatsu Limited (DTTL). DTTL member firms comprise of approximately 210,000 employees in more than 150 countries around the world.
Note to editors
In this press release references to Deloitte are references to Deloitte AG, a subsidiary of Deloitte LLP, which is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.com/ch/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP and its subsidiaries are leading business advisers, providing audit, tax, consulting and corporate finance services through more than 14 000 exceptional people across the UK and Switzerland. Known as an employer of choice for innovative human resources programmes, it is dedicated to helping its clients and people excel.
Deloitte AG is an auditor firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market Supervisory Authority (FINMA).
The information contained in this press release is correct at the time of going to press.